|
Multi-billion dollar energy agreement |
|
|
|
|
Sunday, 14 September 2008 |
PORT OF SPAIN – Trinidad and Tobago has signed a US$2.3 billion agreement with United States and German business concerns for the establishment of an integrated polypropylene complex that Prime Minister Patrick Manning said represents a "quantum leap" for the downstream energy sector in the country.
The agreement was signed on Monday between the National Gas Company (NGC), the National Energy Corporation (NEC), the US-based LyondellBassell Industries and the German-based Lurgi GmbH.
Earlier this year, Port of Spain entered into a Memorandum of Understanding with LyondellBassell that included basic details for the construction of a methanol plant. The plant would also provide for a methanol to propylene unit for the country to develop its plastics industry and move the energy sector further downstream.
Speaking at Monday’s ceremony Manning said that the project, which will result in the production of 100,000 tons of polypropylene annually, represents an attempt by his administration to develop the down stream energy sector.
Energy Minister Conrad Enill said the project would create 500 permanent jobs and about 3,000 spin-off ones. He said the project was part of a strategy to establish an entirely new manufacturing sector.
Some of the applications that could come from the use of propylene include car bumpers, disposable diapers, outdoor plastic furniture, cable, coolers and coatings.
Manning said that the plant could help boost the economies of Caribbean countries. He explained that they could import raw materials or polypropylene from Trinidad and convert them into products for sale.
"We want to create a synergy between the rest of the region," Manning added.
|
News 
